In some ways, you know you’ll always love your spouse even though you no longer want to stay married. You have children together, and you shared many memories through the years in your Maryland home. You understand that your relationship wasn’t able to withstand certain pressures and you’re ready to negotiate a fair and agreeable settlement, and move on in life.
It’s understandable if you’re concerned about finances. After living together for so many years and operating as a single household, you and your kids are accustomed to a certain lifestyle, and you’re a bit worried you won’t be able to maintain that when you’re on your own. The good news is that there are numerous ways to protect your finances in a divorce.
Way number one
Opening your own bank account can be a good way to establish independence as you prepare to transition to life as a single parent. However, it’s also a good way to protect your finances in the divorce. If you already have your own bank account, then any money in it belongs to you, as Maryland is not a community property state where your spouse owns half of all you own.
Child support and child custody have financial implications
Your cost of living may increase as you take care of your kids after the divorce. For instance, you might wind up spending more money on gasoline to shuttle the kids back and forth to your agreed-upon meeting place to exchange custody with your former spouse. Whether you are on the paying or receiving end of child support, it will likely affect your household finances.
Will you get alimony?
Many Maryland parents gave up careers they had before marriage in order to stay home full-time to raise their children. If that’s how it was in your case, you may be thinking about petitioning the court for alimony, which can be a temporary or permanent form of financial supplement paid from one spouse to the other.
It costs money to go to court
There are typically court fees and other costs associated with divorce. While it is legally possible for you to represent yourself, most spouses think it’s better to hire an attorney because in the long run, skilled and experienced guidance and support can wind up saving you money. For instance, an attorney knows how to protect your financial interests regarding child support, property division and other matters.